Crypto Funds See Their First Outflows in 7 Weeks: CoinShares
Both bitcoin and ether vehicles saw a sizable exit of money, according to the report.
Digital asset investment products saw $110 million in outflows for the week ended March 11 after reaching the highest inflows in three months the week before, said CoinShares.
Broken down by asset class, $69.9 million exited Bitcoin (BTC) funds, $50.6 million exited Ethereum (ETH), and flows for other cryptos were modestly positive.
Interestingly, outflows were centered around one particular fund, the Purpose Bitcoin ETF (BTCC), which saw a net $114.4 million pulled. Speaking with CoinDesk, Purpose Vice President Josh Bubar took note of the huge trading volume on his company’s platform, and the nature of its spot ETF. As for last week’s big outflow, Purpose declined to comment on any specific weekly action.
Notably, the week ended March 4 saw overall net inflows of $126.8 million, with the Purpose fund receiving a net $130.3 million in new cash.
Despite outflows in digital asset funds that directly invest in cryptocurrencies, investment products focusing on blockchain-related stocks remained very popular, said CoinShares, with inflows of $4 million last week.